Air Liquide Plans Acquisition of LVL Médical

Air Liquide is pursuing the development of its activities in the home healthcare sector and announces the beginning of exclusive negotiations with a view to acquiring 70.49% of LVL Médical Groupe share capital from the controlling shareholders at a price of €30.89 per share. This transaction, once finalized, would enable Air Liquide to gain control of LVL Médical's French activities, for an enterprise value of €316 million.

This acquisition of a controlling stake in LVL Médical will be followed by a simplified public tender offer (and, possibly, by a compulsory squeeze-out) on the remaining LVLMédical share and subscription warrants, in accordance with applicable rules. Prior to the acquisition by Air Liquide, LVL Médical's German activities will be acquired by the Lavorel Family, the majority shareholder.

LVL Médical is an historical player in the home healthcare sector, with 50,000 patients served at home in France. The company employs 750 people in France and its 2011 sales in France amounted to €104 million.

Air Liquide intends to pursue LVL Médical's development by favouring the continuity of the company's management, led by Mr Jean-Claude Lavorel, and by relying upon the expertise and commitment of its teams.

The acquisition of the control of LVL Médical by Air Liquide is subject to approval by the French competition authority. The transaction should be completed during Q4 2012.